Premium  Bonds. 


a. 


TO  LIQUIDATE  THE  BONDED  INDEBTEDNESS 
OF  THE  CITY  OF  NEW  ORLEANS 


IN  50  YEARS. 


Life  Members. 


Boafd  of  Liquidation  Gity  Bonded  Debt. 


JOS.  H.  OGLESBY,  President 
ED.  A.  PALFREY,  JNO.  PHELPS, 

S.  H.  KENNEDY,  H.  GARDES, 

JOS.  A.  SHAKESPEARE. 


EX-OFFICIO  MEMBERS 


HON.  J.  Y.  GUILLOTTE Mayor 

HON.  I.  W.  PATTON  Treasurer 

HON.  J.  N.  HARDY Comptroller 


Premium  Bond  Commissioners,  Per  Section  4, 
Act  31  of  1876. 

J.  H.  OGLESBY,  S H.  KENNEDY, 

J.  C.  MORRIS,  W.  R.  LYMAN, 

CARL.  KOHN.  ( Vacant ) 


T.  WOLFE,  JR.,  Secretary 
B.  C.  SHIELDS,  Assistant 
C.  H.  SHIELDS,  Clerk 


3 5 0.,  | 
tv  hi  i ^ 


BALANCE  SHEET,  SHOWING  $13,627,791  66  SAYING 
CITIZENS  OF  NEW  ORLEANS  BY 
PREMIUM  BOND  PL\N. 


Old  Bonds  Exchanged  .... 

10J  yrs.  Interest  @ 7 per  cent  saved 

Old  Bonds  Bought . . . 

10|  yrs.  Interest  @ 7 per  cent.  . . . 

Premium  Bonds  Bought 

Premium  Bonds  Paid  in  Drawings 

Cash  on  Band  Dec.  1885.  . 

Premium  Bonds  Unpaid 

10 J Yrs.  Interest  due  @ 5 per  cent. 

Tax  Collected,  1876  to  1885 

Cash  forom  R.  R.  Franchises . ... 
Saving  to  Taxpayers 


Dr.  Cr. 

$13,263,300  00’ 
9,748,525  50 
568,386  53. 
417,764  10 
3,567,360  00 
1.916,640  00 
470,234  56 

$7,779,360  00 
4,084.164  00 
3.549.895  03 
911,000  00 
13,627,791  66 


$29,952,210  69  $29,952,210  69 


to 


Premium  Bond  Holders. 

\ 


Bonds. 

Interest. 

Prem- 

Total. 

Bonds 
held  by 

iums. 

Owners. 

1876 

January 

15. . 

24,00( 

600 

00 

12,110 

36,710 

00 

3,313,980 

J uly 

30,  _ 00 

1,500 

00 

20,110| 

51.610 

00 

7,210,520 

1877 

January 

15. . 

64,000 

4,800 

00 

24,240 

93,040 

On 

9,523,840 

July.... 

78,000 

7,800 

(0 

29,530 

115,330 

f 0 

10,993,920 

1878 

January 

15.. 

96,000 

12,000 

00 

25,650 

133,690 

00 

11,843  560 

■ 1 

July 

83,96'.' 

13,344 

00 

23,300 

130,604 

00 

11,960,220 

1879 

January 

15.. 

130,720 

22,876 

00 

32,310 

185,906 

00 

11,345,820 

July. . . . 

132,820 

26.564 

00 

27,790 

187,174 

00 

11,399,440 

1830 

January 

15.. 

97,780 

22, 000 

50 

25,820 

145,600 

50 

9,263,700 

July. . .. 

105.900 

27,475 

00 

25,050 

162,425 

00 

9,261,320 

1831 

January 

15.. 

116  240 

31,966 

00 

29,940 

178,146 

00 

9,171,000 

July.. .'. 

107  600 

32,280 

00 

'28,320 

168,200 

00 

8,490.960 

1882 

January 

15.. 

1 16,560 

37,882 

00 

30,800 

185,242 

00 

8,474,960 

July..:. 

101,600 

35,560 

0" 

26,870 

164,030 

00 

8,401,040 

1881 

January 

15.. 

96,240 

36,090 

00 

24,470 

156,800 

00 

8.305,500 

July  ... 

101,340 

40,536 

00 

20,690 

162.566 

00 

8,244,240 

OO 

(Li 

4- 

January 

15.. 

109,240 

46,427 

00 

22,130 

177,797 

oo 

8,141,160 

July 

97,020 

43,659 

00 

28,360 

169,039 

00 

8,095,000 

1885 

January 

15. . 

105,720 

50,217 

00 

22,190 

178,127 

Ou 

7,997,980 

July.... 

| 

112,900 

56,450 

00 

28,210 

197,560 

00 

7,892,860 

1 

1,916,640 

550,026 

50 

512,930 

2,979,596 

50 

< 


75C303 


Statement  Showing  Numbers  in  Series  Wheel 
up  to  January  i,  189^. 


Series  in  tliewlie^l,  Dec.  31/85.  .$8, 10( 
Deduct  drawing  January  31/86. . 6( 

Balance 8,04( 

Deduct  drawing  April  15/86.,  45 

Balance 7,99* 

Deduct  drawing,  July  31,1886..  60 


Balance 7,935 

Deduct  drawing,  Oct.  15,  1886..  45 

Balance 7,89< 

Deduct  drawing,  Jan.  31  1887..  60 

Balance 7,83* 

Deduct  drawing,  Ax>ri]  15/87..  45 

Balance 7,7^5 

Deduct  drawing,  July  31,  1887. . 6U 

Balance 7,721 

Deduct  drawing,  Oct.  15,  1887..  45 


Balance 7,155. 

Deduct  Drawing,  July  31,  1890. . 60 


Balance 7,6*0 

Deduct  drawing,  Jau.  31,  1888  60 

Balance 7,6*20 

Deduct  drawing,  April  15,  1888. . 45 


Balance 7,575 

Deduct  drawing,  July  31,  1888. . 6 


Balance 7,515 

Deduct  drawing*  Oct.  15,  1888. . 45 


Balance 7,470 

Deduct  drawing,  Jany.  31,  1889  60 


Balance 7,410 

Deduct  drawing,  April  15,  1889. . 45 


Balance 7,365 

Deduce  drawing,  July  31,  1889. . 6' 


Balance 7,305 

Deduct  drawing,  Oct.  15,  1889..  45 


Deduct  drawing,  Jany.  31,  1890. . 


60 


Balance.: : 7,200 

Deduct  drawing,  April  15,  1890. . 45 

Balance 7,155 


Balance 7,095 

Deduct  drawing,  Oct.  15,  1890..  45 

Balance 7,050 

Deduct  drawing,  Jany.  31, 1891 . . 60 

Balance 6,990 

Deduct  drawing,  April  15,  1891. . 45 

Balance 6,945 

Deduct  drawing,  July  31,  1891..  60 

Balance 6,885 

Deduct  drawing,  Oct.  15,  1891..  45 

Balance 6,840 

Deduct  drawing,  Jany.  31, 1892. . 60 

Balance 6,780 

Deduct  drawing,  April  15,  1892  45 

Balance 6,735 

Deduct  drawing,  July  31,  1892. . 60 


Balance 6,675 

Deduct  drawing,  Oct.  15,  1892..  45 

Balance 6,630 

Deduct  drawing,  Jany.  31, 1893. . 60 

Balance 6,570 

Deduct  drawing,  April  15,  1893. . 45 


Balance 6,525 

Deduct  drawing,  July  31,  1893. . 60 

Balance 6,465 

Deduct  drawing,  Oct.  15,  1893..  45 

Balance 6,420 

Deduct  drawing,  Jany.  31, 1894. . 60 

Balance 6,360 

Deduct  drawing,  April  15,  1894  45 

Balance 6,315 

Deduct  drawing,  July  31,  1894..  60 

Balance 6,255 

Deduct  drawing,  Oct,  15,  1894  45 

Balance, 6,210 


Moyemebt  of  the  Peemium  -Bond  Plab, 


The  whole  debt  of  the  city  is  converted  into  bonds  of  the  denomi- 
nation of  twenty  dollars,  payable  to  bearer,  and  bearing  interest  at 
the  rate  of  five  per  cent  per  annum  from  the  fifteenth  of  July,  1875. 

Each  of  these  bonds  increase  in  value  to  the  extent  of  fifty  cents 
(or  2||per  cent)  semi-annually,  until  the  fiftieth  year,  when  they 
represent/in  principal  and  interest,  seventy  dollars  each. 

One  million  of  bonds,  of  twenty  dollars  each,  are  divided  into  ten 
thousand  series  of  one  hundred  bonds  each.  Series  number  one 
embraces  bonds  number  1 to  100;  series  number  two,  bonds  101  to 
200,  and  so  on. 

The  10,000  series,  number  from  1 to  10,000  are  placed  in  a wheel, 
and  in  April  and  October  of  each  year  as  many  series  are  drawn  as 
have  to  be  redeemed  according  to  the  schedule 

The  bonds  composing  the  series  thus  drawn  are  entered  for  pay- 
ment three  months  thereafter,  principal  and  interest,  and  are  receiva- 
ble for  all  taxes,  licenses  and  other  obligations  of  the  city. 

At  the  expiration  of  the  three  months,  say  in  January  and  July, 
the  bond  numbers  of  the  drawn  series  are  placed  in  a wheel,  and  1176 
prizes,  amounting  to  $50,000,  are  distributed. 

The  first  series  drawing  (took  place  in  October  last,  and  the  distri- 
bution of  the  premiums  on  the  fifteenth  of  January,  with  the  follow- 
ing result: 

Amount  of  redemption,  as  per  plan  $100,000  and  premiums  $50,000 
of  which  there  has  been  distributed 

to  the  holders  of  bonds 24,000  and  12,110 

$76,000  $37,890 

These  two  amounts,  say  $113,890,  represent  the  portion  appertain- 
ing to  bonds  not  yet  funded,  and  which  is  now  applicable  to  the  pur- 
chase of  bonds  under  sealed  proposals,  and  at  present  market  value 
should  sink  about  $380,000  of  bonds,  which  added  to  the  $24,000 
redeemed  in  full,  would  effect  a reduction  on  the  bounded  debt  of 
over  $400,000  for  the  half-yearly  operation  of  the  plan. 

Objections  are  raised  to  this  scheme  that  it  will  not  answer  as 
investments  for  moneyed  institutions,  minors  or  other  persons,  who 
rely  upon  regular  interest  payments  at  stated  intervals.  These 


[6] 

objections  might  have  some  little  force  where  the  city  in  a condition 
to  pay  regular  interest,  but  it  will  be  here  demonstrated  that  this 
plan  will  yield  more  semi-annual  interest  than  can  be  obtained  in 
any  other  way.  , 

An  institution  or  association  of  individuals  controlling  10,000 
bonds,  of  $20  each,  involving  an  investment  at  present  rates  of 
$60,000,  can  obtain  one  bound  out  of  each  of  the  10,000  series,  and 
consequently  would  have  to  draw  as  many  bonds  as  there  are  series 
to  be  allotted  during  the  year.  The  result  of  such  a combination 


which  is  entirely  feasible,  would  be  as  follows: 

For  the  next  four  years — 

FIRST  YEAR. 

100  bonds  redeemed  at  $20 $2000  00 

Interest  at  5 per  cent 75  00 

Average  value  of  premiums  1000  00 


Or  an  interest  of  1 53-75  per  cent  on  face  of  bonds $3075  00 

Or  5 125-1000  per  cent  on  capital  invested. 

SECOND  YEAR. 

150  bonds  redeemed  at  $20  $3000  00 

Interest  at  5 per  cent 262  50 

Average  value  of  premiums ....  1000  00 


Or  an  interest  of  2 13-100  per  cent  on  face  of  bonds $4262  50 


Or  7 10-100  per  cent  on  capital  invested. 

THIRD  YEAR. 

180  bonds  redeemed  at  $20 $3600  00 

Interest  at  5 per  cent  . . • • • 495  00 

Average  value  of  premiums 1000  00 


Oran  interest  of  2 54-100  per  cent  on  face  of  bonds $5095  00 

And  on  capital  of  8 49-100  per  cent. 

FOURTH  YEAR. 

210  bonds  redeemed  at  $20 . • $4200  00 

Interest  at  5 per  cent 787  50 

Average  value  of  premiums 1000  00 


Or  an  interest  on  face  of  bonds  of  2 99-100  per  cent $5987  50 

And  on  the  capital  invested  9 98-100. 


Now,  it  will  be  shown  how  this  institution  or  association  of  indi- 
viduals will  stand  after  the  receipt  of  these  semi-annual  payments. 


[H 

FIRST  YEAR. 

Amount  of  bonds $200,000 

Redeemed 2,000 


Remaining • • $198,000 

With  5 per  cent  accrued  interest 9,900 

$207,900 

SECOND  YEAR. 

Amount  of  bonds $198,000 

Redeemed 3,000 


$195,000 

With  10  per  cent  accrued  interest 19,500 

214,500 

THIRD  YEAR. 

Amount  of  bonds $195,000 

Redeemed - 3,600 


$191,400 

With  15  per  cent  accrued  interest 28,710 

220,110 

FOURTH  YEAR. 

Amount  of  bonds 191,400 

Redeemed 4,200 


$187,200 

With  20  per  cent  accrued  interest 37,440 

224,640 


No.  22. 

JOINT  RESOLUTION. 

-Submitting  an  amendment  to  the  Constitution  of  the  State  to  limit 
the  debt  of  New  Orleans,  and  the  issue  of  warrants  by  the  officers; 
and  prescribing  certain  penalties. 

Section  1.  Be  it  resolved  by  the  Senate  and  House  of  Represen- 
tatives of  the  State  of  Louisiana  in  General  Assembly  convened,  two- 
thirds  of  the  members  elected  to  each  house  agreeing  thereto.  That 
at  the  general  election  for  members  of  the  General  Assembly,  which 
will  take  place  in  November,  1874,  an  amendment  to  the  constitution 
of  the  State  shall  be  submitted  to  the  qualified  electors  of  the  State 
for  their  ratificalion  or  rejection,  in  the  words  following: 

Article — . The  city  of  New  Orleans  shall  not  hereafter  increase 
her  debt  in  any  manner  or  form  or  under  any  pretext.  After  the 
first  day  of  January,  1875  no  evidence  of  indebtedness  or  warrants 
for  payment  of  money  shall  be  issued  by  any  officer  of  said  city,  ex- 


[8] 

cept  against  cash  actually  in  the  treasury;  but  this  shall  not  be  so 
construed  as  to  prevent  a renewal  of  matured  bonds  at  par , or  the  issue 
of  new  bonds  in  exchange  for  other  bonds;  provided , the  city  debt  be 
not  thereby  increased,  nor  to  prevent  the  issue  of  drainage  warrants 
to  the  transferee  of  contract  under  Act  No.  30  of  1871,  payable  only 
from  drainage  taxes,  and  not  otherwise.  Any  person  violating  the 
provisions  of  this  article  shall,  on  conviction,  be  punished  by  impris- 
onment for  not  less  than  two,  nor  more  than  ten  years,  and  by  fine 
of  not  less  than  three  thousand  dollars,  nor  more  than  ten  thousand 
dollars. 

Sec.  2.  Be  it  further  resolved,  etc.,  That  at  said  next  general 
election  the  wishes  of  the  electors  in  the  premises  shall  be  expressed 
by  printed  or  written  ballots,  as  follows: 

“For  the  amendment  limiting  the  debt  of  New  Orleans;”  or 
“Against  the  amendment  limiting  the  debt  of  New  Orleans,”  and  the 
said  ballotts  shall  be  counted  and  returns  made  and  the  result  de- 
clared as  in  the  case  of  election  of  State  officers. 

(Signed)  CHARLES  W.  LOWELL, 

Speaker  of  the  House  of  Representatives. 

(Signed)  C.  C.  ANTOJNE, 

Lieutenant  Governor  and  President  of  the  Senate. 
Approved  February  24,  1874. 

(Signed)  WILLIAM  P.  KELLOGG, 

Governor  of  the  State  of  Louisiana. 

A true  copy: 

P.  G.  Deslonde,  Secretary  of  State. 

Adopted  at  the  State  election  November  2,  1874,  and  promulgated 
by  the  Returning  Board  December  29,  1874. 


Mayrolty  of  New  Orleans,  \ 
City  Hall,  May  26,  1885.  > 

[No.  3130— Administration  Series.] 

Resolved , That  the  Council  cordially  approved  and  adopted  the 
plan  submitted  by  the  Administrator  of  Finance,  entitled  the  “prem- 
ium bonded  fund  of  the  city  of  New  Orleans,”  and  the  commissioners 
of  the  consolidated  debt  are  hereby  charged  with  the  duty  (by  and 
with  the  advice  and  consent  of  the  Council)  to  adopt  the  measures 
necessary  to  carry  the  same  into  execution. 

Adopted  by  the  Council  of  the  city  of  New  Orleans  May  25,  1875. 

Yeas— Bertoli,  Brown,  Bouny,  Burke,  Landrv,  McCarthy,  Pilsbury. 

CHARLES ‘J.  LEEDS,  Mayor. 

A true  copy: 

J.  H.  Hardy,  Secretary. 


[9] 


Mayoralty  op  New  Orleans,  ) 
City  Hall,  June  2,  1875.  ) 

[No.  3140 — Administration  Series.] 

An  ordinance  to  fund  the  bonded  debt  of  the  city  of  New  Orleans, 
and  to  provide  for  the  redemption  of  the  principal  and  interest 
thereof. 

Be  it  ordained,  That  the  commissioners  of  the  consolidated  debt  be 
and  are  hereby  authorized  to  invite,  by  publication,  the  presentation 
of  bonds  to  be  funded  in  twenty-dollars  premium  bonds  in  accor- 
dance with  the  plan  submitted  by  the  Administrator  of  Finance  and 
adopted  by  the  Council  at  its  regular  meeting  of  the  twenty-fifth  of 
May  last,  and  approved  by  the  Mayor. 

Be  it  further  ordained , That  in  order  to  participate  in  the  first  re- 
demption, ail  bonds  must  be  presented  on  or  before  the  first  day  of 
September  next,  from  which  time  further  exchanges  will  cease  until 
the  first  allotment  shall  have  been  made.  The  holders  of  bonds 
thus  funded  will  receive  in  cash  at  that  date  a pro  rata  of  all  interest 
funds  to  the  credit  of  the  respective  series,  and  all  coupons  due  and 
to  become  due  shall  be  thereupon  surrendered  with  the  bond  itself. 

Be  it  further  ordained,  That  the  commissioners  of  the  consolidated 
debt  be  and  are  hereby  authorized  to  contract  for  proposals  or  other- 
wise for  the  printing  and  engraving  of  the  premium  bonds. 

Adopted  by  the  Council  of  the  city  of  New  Orleans  June  1,  1875. 

CHARLES  J.  LEEDS,  Mayor. 

A true  copy: 

J.  H.  Hardy,  Secretary. 


Mayoralty  op  New  Orleans,  ) 
City  Hall,  August  31,  1875.  j 
[No.  3233 — Administration  Series.] 

An  ordinance  providing  for  the  exchange  of  bonds  for  premium 
bonds,  and  to  regulate  and  carry  out  the  funding  plan  adopted  by 
the  Council. 

Be  it  ordained,  That  the  Administrator  of  Finance  be  and  is  here- 
by directed  to  exchange  all  recognized  bonds  of  the  city  of  New 
Orleans,  also  of  the  late  cities  of  Carrollton  and  Jefferson,  for  pre- 
mium bonds,  in  accordance  with  the  plan  adopted  by  the  Council, 
and  approved  by  the  Mayor  on  the  twenty-fifth  day  of  May,  1875. 
The  said  premium  bonds  shall  be  dated  on  the  first  of  September, 
1875,  and  bear  interest  at  the  rate  of  five  per  cent  per  annum  from 
the  fifteenth  day  of  July,  1875;  they  shall  be  signed  by  the  commis- 
sioners of  the  consolidated  debt  and  be  countersigned  when  issued 


[ 10] 

by  such  parties  as  the  Council  may  hereafter  select  for  that  purpose. 

Be  it  further  ordained , That  on  all  bonds  funded  or  hereafter  to  be 
funded  under  this  ordinance  the  interest  adjustment  shall  date  from 
the  first  day  of  July,  1875,  after  which  period  the  interest  thereon 
shall  cease. 

Be  it  further  ordained , That  a permanent  committee  of  six  shall  be 
appointed  to  represent  the  bond  holders  in  all  matters  touching  their 
interests  under  and  in  this  ordinance.  They  and  their  successors 
shall  at  all  times  have  free  access  to  the  records  of  the  consolidated 
debt,  and  may  exercise  such  control  and  supervision  over  the  allot- 
ments, cancellation  and  registry  of  bonds  as  they  may  deem  neces- 
sary. They  shall  fill  all  vacancies  among  themselves,  and  may,  in 
their  discretion,  appoint  a suitable  person  to  act  for  them  in  all  mat- 
ters relating  thereto. 

The  committee  shall  at  present  be  composed  of  John  G.  Gaines* 
president  of  the  Citizens’  Bank;  Thomas  A.  Adams,  president  of  the 
Crescent  Mutual  Insurance  Company;  Aug.  Bohn,  president  of  the 
Mechanics  and  Traders’  Bank;  George  Jonas,  president  of  the  Canal 
Bank;  J.  H.  Oglesby,  president  of  the  Louisiana  National  Bank; 
Samel  H.  Kennedy,  president  of  the  State  National  Bank. 

Be  it  further  ordained , That  the  bonds  funded  under  this  ordinance, 
except  those  which  shall  have  been  redeemed,  shall  not  be  canceled 
or  destroyed  before  the  month  of  April,  1876.  They  shall  be  regis- 
tered by  number,  marked,  labeled  and  deposited  in  a safe  manner 
until  the  prior  named. 

Be  it  further  ordained , That  the  first  allotment  of  series  shall  take 
place  on  the  fifteenth  day  of  September,  or  as  soon  thereafter  as 
possible,  and  the  first  allotment  of  premiums  on  the  fifteenth  day  of 
January,  1876,  fixed.  All  subsequent  allotments  of  series  shall  take 
place  on  the  fifteenth  of  April  and  fifteenth  of  October:  and  of  pre- 
miums on  the  fifteenth  of  January  and  fifteenth  of  July. 

Be  it  further  ordained , That  until  all  the  bonds  herein  provided  for 
are  funded,  it  shall  be  the  duty  of  the  Administrator  of  Finance 
immediately  after  the  allotment  of  series,  to  invite  by  sealed  pro- 
posals the  exchange  of  old  bonds  for  the  drawn  premium  bonds* 
remaining.  Such  proposals  shall  state  the  lowest  price  at  which  the 
the  old  bonds  are  offered,  payable  in  the  drawn  premium  bonds,  at 
facevalue  and  interest.  The  right  to  reject  any  and  all  bids  to  be 
reserved  by  the  Council. 

Be  it  further  ordained , That  all  drawn  series  or  numbers  of  pre- 
mium bonds  shall  be  received  by  the  city  for  all  dues,  licenses,  taxes 
or  debts  of  any  description  at  their  face  value  and  interests. 

Be  it  further  ordained , That  all  ordinances  or  parts  of  ordinances 
in  conflict  herewith  be  and  are  hereby  repealed. 

Adopted  by  the  Council  of  the  city  of  New  Orleans,  August  31, 1875 

Yeas— Bertoli,  Brown,  Bouny,  Burke,  Landry,  McCarthy,  Pilsbury 

i CHARLES  J.  LEEDS,  Mayor. 

A true  copy: 

J.  H.  Hardy,  Secretary. 


[11] 


Mayoralty  of  New  Orleans,  ) 
City  Hall,  October  6,  1875.  J 


[No.  3266— Administration  Series.] 

Be  it  ordained , That  J.  Villarubia,  Ulger  Lauve  and  N.  B.  Phelps 
be  and  are  hereby  authorized  to  countersign  premium  bonds. 

Adopted  by  the  Council  of  the  city  of  New  Orleans  October  5, 


1875. 

A true  copy: 

J.  H.  Hardy,  Secretary. 


CHARLES  J.  LEEDS,  Mayor. 


Mayoralty  of  New  Orleans,  ) 
City  Hall,  January  19,  1876.  j 

[No.  3364 — Administration  Series.] 

Be  it  ordained,  That  in  all  cases  where  proposals  for  the  exchange 
of  bonds  have  been  received  and  rejected,  bids  shall  again  be  in- 
vited, either  before  or  after  ttye  distribution  of  premiums,  for  ex- 
change of  bonds  or  for  cash,  as  the  case  may  be,  and  all  such  subse- 
quent offers  may  include  the  undrawn  premium  bonds  on  the  same 
footing  as  any  other  bond. 

Be  it  further  ordained,  That  the  commissioners  of  the  consolidated 
debt  be  and  are  herby  instructed  to  advertise  for  sealed  proposals 
for  the  sale  to  the  city  of  $350,000  of  old  and  premium  bonds. 

Adopted  by  the  Council  of  the  city  of  New  Orleans,  January  18,. 
1876. 


A true  copy : 

J.  H.  Hardy,  Secretary. 


CHARLES  J.  LEEDS,  Mayor. 


Mayoralty  of  New  Orleans,  } 
City  Hall,  April  19,  1876.  ) 

[No.  3471 — Administration  Series,] 

Be  it  ordained,  That  hereafter  the  allotments  of  series  of  premium 
bonds  shall  take  place  quarterly,  to-wit:  On  the  thirty-first  of  Janu- 
ary, fifteenth  of  April,  thirty-first  of  July,  and  fifteenth  of  October 
*of  each  year provided,  however,  that  in  all  cases  where  these  respec- 
tive dates  shall  fall  upon  a dies  non  they  shall  be  postponed  until 
the  next  legal  day  thereafter. 

Adopted  by  the  Council  of  the  city  of  New  Orleans,  April  18,  1876. 

CHARLES  J.  LEEDS,  Mayor. 

A true  copy: 

J.  H.  Hardy,  Secretary. 


[12] 


Mayoralty  of  New  Orleans,  ) 
City  Hall,  July  26,  1881.  j 
[No.  7242 — Administration  Series.] 

Be  it  ordained,  That  T.  Wolfe,  Jr.,  and  Bernard  C.  Shields  be  and 
are  hereby  authorized  to  countersign  Premium  Bonds. 

(Approved)  A.  J.  GOMILLA, 

Acting  President  Board  of  Liquidation  City  Debt. 
Adopted  by  the  Council  of  the  city  of  New  Orleans,  July  26,  1881. 
Yeas — Delamore,  Fagan,  Fitzpatrick,  Huger,  Mealey,  Walsh, 
absent,  Guillotte. 

JOS.  A.  SHAKSPEARE,  Mayor. 

A true  copy: 

M.  McNamara,  Secretary. 


Resolutions  Unanimously  Adopted  by  the  Property  Holders’  Union 
at  a Special  Meeting  Held  on  the  Second  October,  1875  with  a 
full  Attendance. 

Whereas,  the  premium  bond  plan,  proposed  by  Administrator 
Pilsbury,  so  far  as  it  promises  to  effect  a reduction  of  taxation,  is  to 
be  warmly  approved: 

Resoloed , That  the  Central  Committee  of  the  Property  Holders’ 
Union  do  not  deem  it  incumbent  on  them  to  advocate  or  oppose 
either  plan  of  managing  the  city  debt  as  an  ultimatum. 

Resolved , That  the  present  city  administration  is  warmly  com- 
mended in  so  far  as  it  has  reduced  the  expenses  of  the  city  govern- 
ment and  its  efforts  to  relieve  the  people  in  some  measure  of  the  in- 
tolerable burdens  resting  on  them. 

Resolved,  That  we  will  warmly  support  the  Mayor  and  Administra- 
tors in  all  efforts  to  reduce  taxation. 


Proceedings  of  Meeting  of  October  19,  1875. 

A committee  of  three  was  appointed  to  present  to  the  city  Adminis- 
trators the  resolutions  of  Mr.  Forman  approving  the  Premium 
Bond  plan  as  previously  passed,  viz:  Messrs.  Hughes,  Hill  and 
Higby. 


No.  31. 


AN  ACT. 


To  adjust,  regulate  and  provide  for  the  bonded  debt  of  the  city  of  New 
Orleans;  to  authorize  the  exchange  of  bonds  of  the  ci|y  of  New 
Orleans  for  other  bonds  to  be  issued  on  the  plan  known  as  the 
Premium  Bond  plan;  to  adopt  and  give  legislative  sanction  to  the 
said  plan,  as  set  out  in  ordinances  Nos.  3130  and  3233,  Adminis- 
tration Series  of  the  city  of  New  Orleans,  approved  on  May  25 
and  August  31,  1875;  to  provide  a fund  to  meet  the  semi-annual 
payments  of  the  said  bonds,  known  as  premium  bonds;  to  create 
a commission  in  the  interest  of  creditors,  and  to  give  said  com- 
mission the  direction,  control  and  management  of  the  semi- 
annual allotment  under  said  Premium  Bond  plan;  to  limit  by 
contract  the  contracting  of  debt  by  the  city  of  New  Orleans;  to 
limit  taxation  for  all  purposes  therein,  and  to  give  relief  to  arrear 
taxpayers;  to  provide  for  the  exchange  of  said  premium  bonds 
for  other  bonds  in  a certain  contingency. 

Whereas,  the  total  debt,  bonded  and  floating,  of  the  city  of  New 
Orleans,  has  accumulated  to  an  amount  exceeding  twenty-three  mil- 
lions of  dollars,  resulting  from  the  occurrence  of  the  civil  war,  and 
from  reckless  expenditures  of  public  moneys. 

Whereas,  under  the  depressing  influence  of  the  consequences  of 
the  late  war,  and  the  disasters  produced  by  the  overflows  in  this 
State,  and  other  causes,  the  taxable  property  of  the  city  of  New 
Orleans  has  become  so  reduced  in  value  as  to  require  taxation  at  the 
rate  of  at  least  five  per  cent  per  annum  to  liquidate  the  debt  as  estab- 
lished by  the  acts  authorizing  the  various  issues  of  the  same;  and 

Whereas,  the  levying  of  a tax  at  so  exorbitant  a rate  renders  the 
collection  impossible; 

Whereas,  the  continuation  of  the  levying  of  a tax  beyond  the  ability 
of  the  property  to  pay  leads  to  a further  destruction  of  the  assessa- 
ble property  of  the  city”,  and  the  consequent  shrinkage  of  the  com- 
mon pledge  of  the  creditors,  tending  to  a continuation  of  the  present 
embarrassment  of  the  city  affairs,  and  ultimate  practical  bankruptcy; 

Whereas,  the  City  Council  of  the  city  of  New  Orleans  have  adopted 
a plan  for  the  liquidation  of  the  city  indebtedness,  looking  to  the 
payment  of  the  creditors  in  full,  obtaining  thereby  the  indulgence 
necessary  for  the  public  well-being  and  the  maintenance  of  the  pub- 
lic honor;  therefore. 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  State  of  Louisiana,  in  General  Assembly  convened,  that 


[14] 

the  Mayor  and  Administrators  of  the  city  of  New  Orleans,  or  such 
other  officers,  aldermen  or  administrators  as  may  hereafter  be  or- 
dained or  established, be,  and  they  are  hereby  authorized  and  directed 
to  exchange  all  recognized  and  valid  bonds  of  the  city  of  New  Orleans 
and  the  late  cities  of  Jefferson  and  Carrollton  for  bonds  known  as  the 
premium  £>onds  of  the  city  of  New  Orleans,  in  accordance  with  the 
plan  adopted  by  the  City  Council  and  approved  by  the  Mayor,  on 
the  twenty-fifth  of  May,  and  thirty-first  of  August,  1875.  The  said 
premium  bonds  shall  be  dated  the  first  of  September,  1875,  and  bear 
interest  at  the  rate  of  five  per  cent  per  annum,  from  the  fifteenth  of 
July.  1875;  they  shall  be  signed  by  the  Mayor,  the  Administrator  of 
Finance  and  the  Administrator  of  Public  Accounts,  as  commissioners 
of  the  consolidated  debt,  and  countersigned,  when  issued,  by  such 
parties  as  the  Council  have  designated  heretofore,  or  may  hereafter 
designate,  with  the  authorization  of  the  supervising  committee  here- 
after named. 

Sec.  2.  Be  it  further  enacted,  etc.,  That  all  outstanding  bonds 
bearing  interest  shall  have  the  iuterest  computed  up  to  the  first  day 
of  July,  1875,  and  thereafter  the  bonds,  when  exchanged,  shall  bear 
interest  as  provided  in  the  ordinance  above  ratified,  which  provides 
for  the  premium  bonds. 

Sec.  3.  Be  it  further  enacted,  etc.,  That  the  allotment  of  series 
and  premiums  which  have  been  made  by  virtue  of  ordinance  No. 
3233,  Administration  Series,  adopted  August  31,  1875,  by  the  City 
Council,  are  hereby  ratified  and  approved,  and  that  further  allot- 
ments shall  take  place  on  the  fifteenth  day  of  April  and  fifteenth  day 
of  October  of  each  year,  and  of  premiums  on  the  fifteenth  day  of 
January  and  the  fifteentn  day  of  July  of  each  year,  or  on  such  other 
date  as  the  Council  may  prescribe;  provided  that  payments  be  not 
made  later  than  the  fifteenth  day  of  March  and  the  fifteenth  day  of 
September  of  each  year. 

Sec.  4.  Be  it  further  enacted,  etc.,  That  a permanent  committee 
of  six  citizens  is  hereby  created  to  represent  and  supervise  all  mat- 
ters and  interest  under  the  operation  of  this  act;  they  and  their  suc- 
cessors shall  at  all  times  have  free  access  to  the  records  of  the  con- 
solidated debt,  and  may  exercise,  control  and  supervision  over  the 
allotments  and  premiums,  the  registry  and  cancillation  of  bonds  as 
they  may  deem  necessary,  when  not  in  conflict  with  the  provisions 
of  this  act;  they  shall  fill  all  vacancies  in  their  number  by  death,  re- 
signation or  otherwise;  the  said  committee  shall  at  present  be  com- 
posed as  follows:  John  G.  Gaines,  Thomas  A.  Adams,  August  Bohn, 
J.  H.  Oglesby,  Samuel  H.  Kennedy  and  George  Jonas. 


[15] 

Sec.  5.  Be  it  further  enacted,  etc.,  That  until  all  the  bonds  are 
funded  as  herein  provided,  it  shall  be  the  duty  of  the  commissioners 
of  consolidated  debt  and  the  said  supervising  committee,  immedi- 
ately after  the  allotment  of  series,  to  invite  by  sealed  proposals  for 
the  exchange  of  old  bonds  for  drawn  premium  bonds  remaining  in 
the  possession  of  the  city;  such  proposals  shall  state  the  lowest  price 
at  which  the  old  bonds  are  offered,  payable  in  the  drawn  premium, 
bonds  valued  upon  their  face,  capital  and  interst;  the  said  bids,  if 
any,  to  be  opened  by  the^commissioners  of  the'consolidated  debt  and 
at  least  one  of  the  said  supervising  committee,  the  right  to  reject  any 
or  all  bids  being  reserved  to  the  City  Council;  provided,  that  when 
bids  are  rejected,  further  offers  shall  be  invited,  either  before  or  after 
distribution  of  premiums  for  exchange  of  all  other  bonds,  or  for  cash 
as  the  case  may  be. 

Sec.  6.  Be  it  further  enacted,  etc.,  That  it  shall  be  the  duty  of 
the  City  Council,  in  the  month  of  December  of  each  year,  or  in  the 
annual  budget  annually  adopted  for  the  ensuing  year,  to  include  an 
amount  sufficient  to  meet  and  pay  the  principal  and  interest  of  the 
premium  bonds,  together  with  the  premium  included,  in  the  several 
allotments  of  series  and  premiums  fixed  for  such  year  by  the  afore- 
said ordinance  and  this  act.  It  shall  be  the  duty  of  the  Council 
annually  to  levy  an  equal  and  uniform  tax  on  all  the  assessed  prop- 
erty within  the  corporate  limits  of  the  city,  at  a rate  sufficient  to 
provide  the  amount  included  in  the  budget  as  aforesaid,  and  said 
tax  so  levied  shall  constitute  a psecial  fund  to  be  used  for  no  other 
purpose  than  the  payment  of  said  bonds  and  interest  on  the  said 
premiums  comprised  in  said  allotment,  and  the  fund  so  raised  shall 
be  placed  to  the  credit  of  an  account  to  be  called  the  premium  bond 
apcount,  and  no  money  from  said  fund  shall  be  paid  out  except  on 
the  joint  authority  of  the  commissioners  of  the  consolidated  debt. 
The  said  tax  to  be  raised  shall  be  denominated  the  premium  bond 
tax,  and  shall  be  separately  mentioned  in  the  tax  rolls  and  receipts;, 
provided,  that  the  taxable  power  of  the  corporation  of  the  city  of 
New  Orleans  for  all  purposes  including  general  administration, 
school,  police,  lighting,  salary  of  offices,  court  expenses  and  every 
o.ther  purpose  of  government,  including  the  sum  to  be  raised  to  pay 
the  premium  bonds,  as  above  stated,  shall  never,  until  the  full  com- 
plete and  final  payment  of  said  premium  bonds,  exceed  the  rate  of 
one  and  one-half  per  centum  on  the  dollar  of  all  the  assessed  value 
of  property  subject  to  taxation  within  the  limits  of  the  said  city  of 
New  Orleans.  The  above  limitation  on  the  taxable  power  of  the 


[16] 

•corporation  is  hereby  declared  to  be  a contract,  not  only  with  the 
holder  of  the  said  premium  bonds,  but  also  with  all  residents  and 
taxpayers  of  the  said  city,  so  as  to  authorize  any  holder  of  said 
premium  bonds,  resident  or  taxpayer  to  legally  object  to  any  rate  of 
taxation  in  excess  of  the  rate  herein  limited.  It  being  also  a part  of 
the  consideration  of  this  contract  that  the  city  of  New  Orleans  shall 
be  incompetent  to  incur  any  debt  or  obligation,  as  now  provided  by 
the  constitution  of  this  State,  until  the  final  paymentand  extinction 
of  the  premium  bonds  aforesaid. 

Sec.  7.  Be  it  further  enacted,  etc.,  That  no  tax  for  the  payment 
of  bonds  or  interest  on  bonds  other  than  that  authorized  by  the  pre- 
ceding sections,  shall  be  levied  either  for  the  year  1876.  or  any  year 
or  years  thereafter  by  the  city  of  New  Orleans,  and  that  all  existing 
laws  requiring  or  authorizing  the  City  Council  to  levy  any  tax  what- 
soever for  bonds  or  interest  on  bonds,  other  than  said  premium 
bonds,  be  and  the  same  are  hereby  repealed;  and  it  shall  be  hereafter 
incompetent  for  fany  court  to  madamus  the  officers  of  said  city  to 
levy  and  collect  any  interest  tax  other  than  that  provided  in  this  act 
or  in  case  of  such  mandamus,  by  a receiver  or  otherwise,  to  direct 
the  levy  and  collection  of  any  such  tax. 

Sec.  8.  Be  it  further  enacted,  etc.,  That  all  bonds  issued  in  ex- 
change for  others,  all  allotments  made,  and  all  things  done  by  the 
City  Council  or  the  Mayor  and  Administrators,  previous  to  the  pas- 
sage of  this  act,  under  and  by  virtue  of  said  Premium  Bond  plan 
and  the  ordinances  Nos.  3130  and  3233,  be  and  are  hereby  approved 
and  ratified,  and  are  continued  in  force,  and  are  recognized  as  having 
been  lawfully  done  pursuant  to  powers  vested  in  the  Council  by  the 
constitution  and  laws. 

Sec.  9.  Be  it  further  enacted,  etc.,  That  it  shall  be  the  duty  of  the 
City  Council  to  at  once  prepare  a statement  in  detail  of  the  out- 
standing bonds  of  the  city  of  New  Orleans,  to  be  funded  as  afore- 
said, and  whenever  any  of  said  bonds  are  funded  for  premium  bonds, 
or  offered  to  the  city  for  drawn  premium  bonds,  or  drawn  premiums, 
the  said  bonded  debt  so  exchanged  shall  be  immediately  canceled 
by  the  commissioners  of  the  consolidated  debt,  and  said  supervising 
committee  or  a member  thereof  shall  prepare  a statement  of  the 
bonds  so  canseled,  to  be  made  public. 

Sec.  10.  Be  it  further  enacted,  etc.,  That  no  city  property  of  any 
land  shall  hereafter  be  sold  or  conveyed  in  any  manner  except  the 
proceeds  be  applied  to  the  reduction  of  the  bonded  or  floating  debt. 


[17] 

Sec.  11.  Be  it  further  enacted,  etc.,  That  in  addition  to  the  obli- 
gation of  the  said  city  to  provide  annually  the  sum  required  for  the 
execution  of  the  Premium  Bond  plan,  at  least  a tax  of  one-half  of  one 
per  cent  annually,  to  be  used  in  the  execution  of  the  provisions  of 
this  act;  and  if  [the]  product  of  said  half  of  one  per  cent  be  more 
than  adequate  for  the  payment  of  the  drawn  premium  bonds,  and 
the  premiums  as  above  provided,  then  the  surplus  to  be  used  in 
retiring  the  outstanding  bonds;  provided,  said  half  of  one  per  cent 
taxation  be  considered  as  part  of  the  one  and  a half  per  cent  taxa- 
tion to  which  the  taxing  power  of  the  city  is  limited  by  this  act;  the 
intention  of  this  section  being  to  limit  the  city  taxation  to  one  and 
one-half  per  cent  annually  until  the  entire  extinction  of  the  bonded 
debt;  to  authorize  the  Council  to  levy  annually  out  of  the  one  and 
one-half  per  cent  taxation  a sum  adequate  to  the  annual  execution 
of  said  Premium  Bond  plan,  and  after  the  year  1881  to  levy  at  least 
one-half  of  one  per  cent  for  the  carrying  out  of  said  plan,  and  to 
distribute  the  surplus  realized  therefrom,  if  any,  in  retiring  the  out- 
standing bonded  debt. 

Sec.  12.  Be  it  further  enacted,  etc.,  That  whenever  under  the 
operations  of  this  act  the  bonded  debt  of  the  city  of  New  Orleans 
shall  be  reduced  below  eight  millons  of  dollars,  the  creditors  hold- 
ing the  same  shall  be  entitled  to  convert  the  same  into  bonds  bearing 
six  per  cent’interest  per  annum,  payable  in  twenty  years  from  their 
date,  to  be  dated  after  the  reduction  aforesaid,  the  interest  to  be 
paid  semi-annually.  A sinking  fund  of  at  least  two  hundred  thousand 
dollars  to  be  provided  for  along  with  the  interest  by  adequate  annual 
taxation;  all  the  limitations  hereinabove  provided  on  taxation  and 
debt  to  be  applicable  after  the  issue  of  said  bonds  until  payment 
thereof. 

Sec.  1.3.  Be  it  further  enacted,  etc.,  That  all  costs,  interest  and 
charges  due  on  arreared  city  taxes,  up  to  the  year  1875,  inclusive,  be 
and  the  same  are  hereby  remitted;  that  it  shall  be  the  duty  of  the 
city  government,  immediately  after  the  passage  of  this  act,  to  pre- 
pare a list  of  the  valid  outstanding  floating  debt  of  the  city;  that 
after  the  preparation  of  the  list  of  the  floating  debt  provided  in  this 
act  any  of  said  debt  shall  be  receivable  in  payment  of  said  taxes,  as 
follows:  For  all  taxes  due  previous  to  the  year  1865,  inclusive,  the 
said  outstanding  floating  debt  shall  be  received  by  the  said  city  at 
the  rate  of  one  hundred  dollars  of  floating  debt  for  two  hundred 
dollars  of  taxes;  for  all  taxes  due  from  1866  to  1873,  inclusive,  the 


[18] 

said  outstanding  debt  shall  be  received  at  par;  provided  said  taxes 
shall  be  paid  within  the  year  1876. 

Sec.  14.  Be  it  further  enacted,  etc.,  That  all  drawn  premium 
bonds  shall  be  receivable  by  the  city  for  all  dues,  licenses,  taxes  and 
debts  of  any  description  at  their  face  value  and  interest. 

Sec.  15.  Be  it  further  enacted,  etc.,  That  this  act  in  all  its  pro- 
visions and  limitations,  be  held  a contract  between  the  city  of  New 
Orleans,  the  holders  of  said  premium  bonds  and  the  taxpayers  or 
residents  of  said  city,  so  as  to  authorize  any  of  the  contracting  parties 

to  resist  any  and  all  contracting  of  debt  by  the  said  city,  or  increase 
of  taxation  above  the  rate  limited  in  the  previous  provisions  of  this 
act. 

Sec.  16.  Be  it  further  enacted,  etc.,  That  this  act  take  effect  from 
and  after  its  passage;  that  all  laws  or  parts  of  laws  inconsistent  here- 
with be  and  the  same  are  hereby  repealed,  and  that  all  ordinances 
of  the  city  of  New  Orleans  conflicting  with  this  act  be  and  are 
hereby  repealed. 

(Signed)  E.  D.  ESTILETTE, 

Speaker  of  the  House  of  Representatives. 
(Signed)  C.  C.  ANTOINE, 

Lieutenant  Governor  and  President  of  the  Senate. 
Approved  March  6,  1876. 

(Signed)  WM.  P.  KELLOGG, 

A true  copy:  Governor  of  the  State  of  Louisiana. 

P.  G.  Deslonde, 

Secretary  of  State. 


) 


Calculation  Table  of  the  Intrinsic  Value  of  Premium 
Bonds  of  the  City  of  New  Orleans,  Every 
Year,  with  Compound  Interest  from 
3 TO  10  PER  CENT  PER  ANNUM. 


ALSO,  OF  DRAWN  SERIES  OF  5 BONDS  OF  ONE  HUNDRED 

DOLLARS. 


Date  of 

I rawrrg. 

THREE 
Per  Cent 

rous 

Fer  Cent. 

JS.FIVE 
Per  Cent. 

SIX 

Per  Cent- 

SEVEN 
Per  Cent. 

EIGHT 
Per  Cent 

/.NINE 
Per  Cent. 

TEN 
Per  Cent. 

Value  of 
SlOODrawn 
beries. 

Part  of 
the 

Drawing. 

1876 

$116 

90 

$94 

20 

$77  50 

$64 

85 

$55 

30  $47 

80 

$41 

85 

$37  15 

$153. 

75 

1-100 

1877 

120 

05 

97 

35 

80P55 

67 

80 

58 

15 

50 

45 

"44 

40 

39  60 

142 

10 

1-66 

1878 

123 

30 

100 

55 

83:  60 

70 

65 

60 

851 

?>3 

00 

46 

80 

41  85 

141 

55 

1-54 

1879 

126 

65 

103 

80 

86  65 

73 

50 

63 

50 

55 

50 

49 

10 

44  00 

142 

55 

1-45* 

1880 

130 

10 

107 

05 

89 

70 

76 

30 

66 

05 

57 

85 

51 

30 

46;  00 

147 

55 

1-44* 

1881 

133 

60 

110 

40 

92: 

„85 

79 

25 

68 

70 

60 

30 

53 

55 

48*0 

"152 

55 

1-43* 

188.2 

137 

15 

113 

80 

96 

05 

8i 

20 

71 

45 

62 

85 

55 

90 

50  25 

157 

55 

1~42* 

1883 

140 

75 

117 

30 

99 

35 

85 

25 

74 

30 

H5 

50 

58 

30 

52  50 

162 

55 

1-41* 

1884 

144 

45 

120 

85 

102 

70 

88 

4< 

77 

20 

68 

20 

60 

80 

54  85 

167 

55 

1-40* 

1885 

148 

20 

124 

50 

106 

15 

91 

65 

80 

20 

71 

oc 

63 

40 

57  25 

172 

55 

1-39* 

1886 

152 

05 

128 

25 

109 

70 

95 

00 

83 

30 

73 

90 

66 

10 

59  75 

177 

55 

1-38* 

1887 

155 

95 

132 

05 

113 

35 

98 

40 

86 

50 

76 

90 

68 

90 

62  35 

*182 

55 

1-37* 

1888 

159 

90 

135 

95 

117 

10 

101 

95 

89 

80 

80 

00 

71 

80 

65  05 

187 

55 

1-36* 

1889 

163 

90 

139 

95 

120 

90 

105 

60 

93 

20 

83 

20 

74 

80 

67  90 

192 

55 

1-35* 

1890 

168 

00 

144 

00 

124 

80 

109 

35 

96 

75 

86 

50 

77 

90 

70  80 

197 

55 

1-34* 

1891 

172 

20 

148 

15 

128 

80 

113 

20 

100 

40 

89 

95 

81 

15 

73  85 

202 

55 

1-33* 

1892 

176 

45 

152 

40 

132 

95 

117 

15 

104 

15 

93 

50 

84 

50 

77|00 

207 

55 

1 32* 

1893 

180 

75 

156 

70 

137 

20 

121 

25 

108 

05 

97 

20 

88 

00 

80  30 

212 

55 

1-31* 

1894 

185 

15 

161 

15 

141 

55 

125 

45 

112 

05 

101 

00 

91 

60 

83  70 

217 

55 

1-30* 

1895 

189 

65 

165 

65 

146 

00 

129 

75 

116 

20 

104 

95 

95 

35 

*87  25 

222 

55 

i-29* 

1896 

194 

20 

170 

25 

150 

55 

134 

20 

120 

50 

109 

05 

99 

25 

90  90 

228 

75; 

1-30 

1897 

198 

75 

175S05 

155 

35 

138 

90 

125 

P 

113 

45 

103 

50 

94  95 

233 

75 

1-29 

1898 

203 

50 

179 

95 

160 

30 

143 

75 

129 

85 

118 

05 

107 

90 

99  20 

238 

75 

1-28 

1899 

208 

30 

184 

95 

165 

40 

148 

75 

134 

80 

122 

85 

112 

5 1 

103  65 

243 

75 

1-27 

1900 

213 

20 

190 

10 

170 

60 

153 

95 

139 

95 

127 

85 

117 

35 

108  30 

248 

75 

1-26 

1901 

218 

20 

195 

35 

176 

00 

159 

30 

145 

25 

133 

05 

122 

40 

113  20 

253 

75 

1-25 

1902 

223 

30 

200 

75 

18  L 

50 

164 

85 

150 

75 

138 

45 

127 

70 

118  35 

258 

75 

1-24 

1903 

228 

50 

206 

30 

187 

20 

170 

60 

156 

50 

144 

10 

133 

25 

123|75 

263 

75 

1-23 

1904 

233 

75 

211 

95 

193 

05 

176 

55 

162 

4? 

150 

00 

139 

05 

129  40 

268 

75 

1-22 

1905 

239 

10 

217 

75 

199 

10 

182 

70 

168 

65 

156 

20 

145 

15 

135  40 

273 

75 

1-21 

1906 

244 

60 

223 

70 

205 

35 

189 

10 

175 

10 

162 

65 

151 

55 

141  70 

278 

75 

1-20 

1907 

250 

20 

229 

80 

211 

75 

195 

70 

181 

80 

169 

40 

158 

25 

148  35 

283 

75 

1-19 

1908 

255 

90 

236 

05 

218 

35 

202 

50 

188 

80 

176 

45 

165 

30 

155  35 

288 

75 

1-18 

1909 

261 

70 

242 

45 

225 

15 

209 

60 

196 

10 

183 

80 

172 

70 

162  75 

293 

75 

1-17 

1910 

267 

60 

249 

00 

232 

20 

217 

20 

203 

70 

191 

50 

180 

5C 

170  55 

298 

75 

1-16 

1911 

273 

65 

255 

70 

239 

45 

224 

85 

211 

60 

199 

60 

188 

70 

178  80 

303 

75 

1-15 

1912 

279 

80 

262160 

246 

95 

232 

75 

219 

85 

208 

05 

197 

30 

187  50 

308 

75 

1-14 

1913 

286 

05 

269:65 

254 

65 

240 

95 

228 

45 

216 

95 

206 

40 

196  75 

313 

75 

1-13 

1914 

292 

45 

276  90 

262 

60 

249 

50 

237 

40 

226 

25 

216 

00 

206  50 

318 

75 

1-12 

1915 

298 

95 

284  35 

270 

80 

258 

35 

246 

80 

236 

05 

226 

10 

216  85 

323 

75 

i-ii 

1916 

305 

60 

292  00 

279 

30 

267 

55 

256 

60 

246 

35 

236 

75 

227  85 

328 

75 

1-10 

1917 

312 

40 

299  85 

288 

10 

277 

10 

266 

80 

257 

15 

248 

05 

239  55 

333 

75 

1-9 

1918 

319 

30 

307  95 

297 

20 

287 

05 

277 

50 

268 

50 

260 

00 

252  00 

338 

75 

1-8 

1919 

326 

40 

316  25 

306 

60 

297 

40 

288 

75 

280 

50 

272 

65 

265  25 

343 

75 

1-7 

1920 

333 

65 

324  80 

316 

35 

308 

25 

300 

55 

293 

20 

286 

15 

279^45 

348 

75 

1-6 

1921 

341 

05 

333- 65 

326 

50 

319 

00 

313 

00 

306 

65 

300 

55 

294  70 

353 

75 

1-5 

1922 

348 

70 

342  80 

337 

10 

331 

50 

326 

20 

321 

00 

316 

00 

311  15 

358 

75 

1-4 

1923 

356 

60 

352  35 

348£25 

344 

20 

340 

30 

336 

50 

332 

80 

329  20 

363 

75 

1-3 

1924 

364 

85 

362  50 

360  20 

358 

00 

355 

80 

353 

65 

351 

50 

349  45 

368 

75 

1-2 

1925 

F 373 

75 

373 

75 

373 

75 

373; 

■75 

373 

75 

373*75 

373 

75 

373  75 

373 

75 

(See  explanation  on  next  page.) 


Calculated  by  D.  H.  ADLER. 


* 


[20] 

EXPLANATION  OF  THE  TABLE. 

The  first  colum,  right  hand,  shows  which  part  of  the  10,000  series  are- 
drawn  every  year.  The  first  drawing  of  100  series  constitutes  the  hundredth- 
parth,  leaving  9900  series,  of  which  150  were  drawn  the  following  year, 
representing  the  66th  part,  leaving  9,750  series,  of  which  180  are  drawn  in 
1877,  making  the  54th  part,  and  so  on.  The  second  column,  right  hand,, 
shows  the  annual  value  of  $100  face  value,  of  5 single  Bonds  of  the  drawn 
series. 

The  first  drawing  of  $200,000  was  paid  with  $307,500,  including  interest 
and  premiums,  consequently  at  the  rate  of  $153  75  per  $100.  The  second 
drawing  of  $300,000  was  paid  with  $426,250,  equal  to  $142  10  per  $100,  and 
so  on. 

The  other  columns  show  the  intrinsic  value  of  the  Premium  Bonds  at 
compound  interest  from  3 to  10  per  cent,  to  the  end  of  the  drawings. 


EXPLANATION  OF  THE  CALCULATION. 


Take,  for  example,  the  value  of  Premium  Bonds  of  1878  at  3 per  cent.  .$123  30 
Take  the  difference  of  this  from  the  value  of  $100  drawn  series 141  55 


$ 18  25 

Divide  it  wi  th  the  chance  of  the  drawing,  it  is  equal  to  34  cents 
per  $100.  Deduct  these  34  cents  from  the  $123  30,  there 


remains $122  96 

Add  interest  at  3 per  cent  for  the  next  year 3 69 

Exactly  what  the  table  shows  for  1879 $126  65 

Going  on  in  the  same  way 126  65 

Take  the  difference  of  these  to  the  value  of  $100  drawn  series  in  1880.  142  55 

$ 15  90 

Divide  it  with  1 — 45-^,  or  it  gives  35  cents  per  $100;  deduct 

such  from  $126  65,  there  remains $126  30 

Add  3 per  cent  interest  for  one  year 3 80 

Makes  what  the  table  shows  as  the  value  for  1880 $130  10 


By  following  up  in  this  way  to  the  end,  the  amount  must  come  in 
accordance  with  the  last  payment  in  the  year  1925,  namely,  $373  75  per  $100. 

Let  us  take  one  example  more : 

At  10  per  cent  interest  for  the  drawing  of  1878  the  table  shows  $41  85, 
take  the  difference  between  $141  55,  the  value  of  $100  drawn  series  the  same 
year,  it  shows  $99  70,  divide  it  with  54,  which  constitutes  the  part  of  the 
drawn  series,  it  is  $1  85  per  $100,  deducting  this  from  $41  85  remains  $ 40  00 
Add  10  per  cent  interest  for  the  next  year 4 00 


In  agreement  what  the  table  shows  as  the  the  value  of  $100 

Premium  Bonds  in  1879  at  10  per  cent  compound  interest. . .$  44  00- 

D.  H.  ADLER, 


f 


o 


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55 

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cb 


Ob 

55, 


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Cb 

sO4 

55 

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Ob 

to 

o 

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S 


Ob 

c; 

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Cb 

Ob 

55, 


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OO 

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Ox 


55 

Cb 

Cb 

Cb 

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Ob 

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o> 

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CO 

cb, 

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Cb 

Cb 


3 

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Ob 

Cb 


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o 

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SERIES  100.  SERIES  100. 


PLAN  OF  REDEMPTION 


Total  Am't 

I)  HAW- 

Val.  of 

No.  Bonds 

Amt  of 

Premiums 

of  Tax  Re- 

DATE 

IXGS. 

Series. 

Bonds 

Redeemed 

Dols  Semi- 

Paid  Semi- 

quired  An- 

<fcint. 

Seini-Ann’y 

Annually. 

Annually. 

nually. 

1876 

Tanu’y 

50 

20* 

5000 

102500 

50000 

307500 

J 111  v 

50 

21 

5000 

105000 

50000 

1877 

ranu’y 

75 

21* 

7500 

161250 

50000 

426250 

July 

75 

22 

7500 

165000 

50000 

1878 

Janu’y 

90 

22 1 

9000 

202500 

50000 

5095C0 

-July 

90 

23 

9000 

207000 

50000 

1879 

Janu’y 

105 

23* 

10500 

246750 

50000 

598750 

.July 

105 

24 

10500 

252000 

50000 

1880 

Janu’y 

105 

*4* 

10500 

257250 

50000 

619754 

July  * 

105 

25 

10500 

262500 

50000 

1881 

Jauu’y 
•July  ' 

105 

105 

25* 

26 

1050Q 

10500 

267750 

273000 

50000 

50000 

640750 

1882 

I auu’y 

105 

26 1 

10500 

278250 

50000 

661750 

July 

105 

27 

10500 

2e3500 

50000 

1883 

•Janu’y 

105 

071 

10500 

288750 

50000 

682750 

on  . O 

c - o o 

July 

105 

23 

10500 

294000 

50000 

o 

iOO  o 

1881 

Janu’y 

105 

28* 

10500 

299250 

50000 

703750 

Cl  ; L-S 

July 

105 

29 

10500 

304500 

50000 

1885 

Janu’y 

105 

29* 

10500 

309750 

50000 

724750 

July 

105 

30 

10500 

315000 

50000 

1886 

•Janu’y 

105 

30* 

10500 

320250 

50000 

745750 

July 

105 

31 

10500 

325500 

50000 

1887 

Jauu’y 

105 

31* 

10500 

330750 

. 50000 

766750 

July 

105 

32 

10500 

336000 

50000 

1888 

Janu’y 

105 

32* 

10500 

341250 

50000 

787750 

July 

105 

33 

10500 

346500 

50000 

1889 

Jauu'y 

105 

33* 

10500. 

351750 

50000 

808750 

•July 

105 

34 

10500 

357000 

50000 

1890 

Jauu'y 

105 

34* 

10500 

362250 

50000 

829750 

' ’ \ l| 

July 

105 

35 

10500 

367500 

50000 

s 

1891 

( auu'y 

105 

35* 

10500 

372750 

50000 

850750 

2 

July 

105 

36 

10500 

378000 

50000 

3 

1892 

Janu’y 

105 

36* 

10500 

383250 

50000 

871750 

2 

July 

105 

37 

10500 

388500 

50000 

1893 

Janu’y 

July 

105 

37* 

10500 

393750 

50000 

892750 

tc 

105 

38 

10500 

399000 

50000 

. .3 

1894 

Janu’y 

105 

38* 

10500 

404250 

50000 

913/50 

o o 

in  CM  h 

July 

105 

39 

10500 

409500 

50000 

1895 

Janu’y 

105 

39* 

10500 

414750 

50000 

934750 

O *“* 

J uly 

105 

40 

10500 

420000 

50000 

• 

1896 

Janu’y 

100 

40* 

10000 

405000 

50000 

915000 

g ? o 

July 

100 

41 

10000 

410000 

60000 

so  $ ^ 5 5 

1897 

Janu’y 

100 

41* 

10000 

415000 

50000 

935000 

S s"  a % 

July 

100 

42 

10000 

420000 

50000 

P p CD  ^ 

1898 

Janu’y 

100 

42* 

10000 

425000 

50000 

9551)00 

S £ & M 

July 

100 

43 

10000 

430000 

50000 

MOO  I O C3 

1899 

Janu’y 

100 

43* 

10000 

435000 

50000 

975000 

July 

100 

44 

10000 

440000 

50000 

£ ^ 2 

1900 

Janu’y 

100 

44* 

10000 

445000 

50000 

995000 

July  ’ 

100 

45 

10000 

450000 

50000 

n 

1901 

Janu’y 

100 

45* 

10000 

455000 

50000 

1015000 

J uly 

100 

46 

10000 

460000 

50000 

P O O O O 5> 

S3  o o o o -3 

1902 

Janu’y 

100 

46* 

10000 

465000 

5000(1 

1035000 

|Zi  wiooin  a 

July  ' 

100 

47 

10000 

470000 

50000 

««J  ^ ^ f 

1903 

Janu’y 

100 

47* 

10000 

475000 

50000 

1055000 

July  ' 

100 

48. 

10000 

480000 

50000 

s $ 

1904 

Janu’y 

100 

48* 

10000 

485000  . 

50000 

1075000 

w 

July  ' 

100 

49 

10000 

490000 

50000 

gg  g 

1905 

Janu’y 

100 

49* 

10000 

495000 

50000 

1095000 

. « • • ^ 

July  ' 

100 

50 

10000 

500000 

50000 

3 

1906 

Janu’y 

100 

50* 

10000 

505000 

50000 

1115000 

p 

July 

100 

51 

10000 

510000 

50000 

Ph 

1907 

Janu’y 

100 

51* 

10000 

5 L 5000 

50000 

1135000 

July  ' 

100 

52 

10000 

520000 

50000 

9 

1908 

Janu’y 
July  ' 

100 

100 

52* 

53 

10000 

10000 

525000 

530000 

50000 

50000 

1155000 

. . , « S 

1909 

Janu’y 
July  ' 

100 

100 

53* 

54 

10000 

10000 

535000 

540000 

50000 

50000 

1 175000 

m 

1910 

Janu’y 

100 

54* 

10000 

545000 

50000 

1195000 

w 

July 

100 

55 

10000 

550000 

50000 

1911 

Janu’y 

100 

55* 

10000 

555000 

50000 

1215000 

| H 

July  ’ 

100 

56 

10000 

560000 

50000 

1912 

Jauu’y 

100 

56* 

10000 

565000 

50000 

1235000 

July  " 

100 

• 57 

10000 

570000 

50000 

1913 

Janu’y 

100 

57* 

10000 

575000 

50000 

1255000 

o o o o 

July  ' 
Janu’y 

100 

58 

10000 

580000 

50000 

© © lO  r-i 

1914 

100 

58* 

10000 

585000 

50000 

1275000 

July  ' 

100 

59 

10000 

590000 

50000 

'o 

1915 

Janu’y 

100 

59* 

10000 

595000 

50000 

1295000 

a 

July 

J auu’y 

100 

60 

10000 

600000 

50000 

• p ^ 

1916 

100 

60* 

10000 

605000 

50000 

1315000 

a-  - - 

J uly 

100 

61 

10000 

610000 

50000 

8 

1917 

J anu’  y 

100 

• 61* 

10000- 

615000 

50000 

1335' 00 

m 

July 

100 

62 

10000 

620000 

50000 

HWOO 

1918 

Janu’y 

July 

100 

100 

62* 

63 

10000 

10000 

, 625000 
' 630000 

50000 

50000' 

1355000 

d O 

1919 

Janu’y 

100 

63* 

10000 

635000 

50600 

1375000 

9 

July 

100 

64 

10000 

640000 

50000 

1920 

Jan  u’y 

100 

64* 

10000 

645000 

50000 

1395000 

July  ' 

100 

65 

10000 

650000 

5i000 

1921 

Janu’y 

100 

65* 

10000 

655000 

50000 

1415000 

July  ' 

100 

66 

10000 

660000 

50000 

1922 

Janu’y 

100 

66* 

10000 

665000 

50000 

1435000 

July  ' 

100 

67“ 

10000 

670000 

50000 

1923 

Janu’y 

100 

' 67* 

10000 

675000 

50000 

1455000 

July 

100 

' 68 

10000 

680000 

50000 

1924 

J anu’y 

100 

68* 

10000 

685000 

50000 

14750C0 

July 

100 

69 

10000 

690000 

.50000 

1925 

Janu’y 

100 

69* 

10000 

695000 

500n0 

1495000 

July 

100 

70 

10000 

700000 

50000 

Series. 

10000 

1000000 

45428000 

5000000 

50428000 

